The Toronto Stock Exchange is down near 1000 points at midday with energy (-9%) and miners (-8.5%), the biggest decliners.
The sole positive so far is the telecoms sector, up 0.5%.
Oil traded at the lowest in four years early on Friday, tumbling for a second day along with wider markets as the fallout from U.S. President Donald Trump’s trade wars continues. Gold edged lower, falling for a second day amid tumbling stock markets.
BMO Economics is in the process of modifying its economic forecasts and details will be released later today. “Thematically,” BMO said, “the hefty hike in America’s average tariff rate is leading us to lower our projection for U.S. real GDP growth and lift our forecast for inflation. This makes the Fed’s job more difficult, but we reckon that growth concerns will eventually dominate even more, keeping an autumn resumption of rate cuts on schedule, and on a slightly more aggressive course”. On Canada, BMO said…
